LIC Jeevan Sangam
LIC Jeevan Sangam – Table no 831
LIC’s Jeevan Sangam is a non-linked, single premium guaranteed-return plan and it participates in the profits of LIC. The risk cover will be a multiple of the single premium. The single premium payable shall depend on the chosen amount of Maturity Sum Assured and age of the life assured.
Key Features
Benefits
- On death during first five policy years:
Before the date of commencement of risk: Refund of single premium excluding service tax and extra premium, if any, without interest.
After the date of commencement of risk: Basic Sum assured i.e. 10 times the tabular single premium shall be payable. - On death after completion of five policy years but before the stipulated Date of Maturity:
Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.
On survival till the end of the Policy Tenure, the policyholder will get Sum Assured + Loyalty Addition (if any).
Depending upon the LIC’s experience, the policy shall participate in the profits in the form of Loyalty Addition. The Loyalty Addition, if any, shall be payable on death or surrender, provided the policy has run for at least five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by LIC.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.
Variants
Loan:
Loan can be availed under this plan at any time after three months from the date of policy issuance.
Surrender Value:
The policy can be surrendered at any time during the policy year. The Guaranteed Surrender Value allowable shall be as under:
First year : 70% of the Single premium paid excluding extra premiums paid and taxes, if any.
Thereafter : 90% of the Single premium paid excluding extra premiums paid and taxes, if any.
LIC shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.
If the policy is surrendered after completion of five policy years Loyalty Addition, if any, based on surrender value, shall also be payable.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 75,000 | No Limit |
| Policy Term (in years) | 12 | 12 |
| Premium Payment Term (in years) | Single | |
| Entry Age of Life Insured (in years) | 6 | 50 |
| Payment modes | Yearly, Half Yearly, Quarterly, or Monthly | |
